Centrosolar sees revenue nearly halved in 2013

German solar company Centrosolar Group AG reported that its turnover for 2013 was nearly halved compared to the prior year. According to provisional results, revenue for the last year was €96 million ($133.7 million), down from €186 million for 2012. Last year’s turnover includes revenue from the company’s insolvent subsidiary Centrosolar AG and its subsidiaries. The company, however, said that its further development will not depend on those companies but on the activities of the continuing operations, that are represented by the US subsidiary Centrosolar America, Inc., the mounting systems supplier Renusol GmbH and Centrosolar Grundstücksverwaltungs GmbH. Revenues from Centrosolar America and Renusol totaled €29 million in 2013.
In early March, Centrosolar Group AG, which filed for creditor protection with a Hamburg court in October 2013, released details of an insolvency plan proposed by the company’s management board. The plan was approved by the company’s creditors’ committee on Feb. 27. The company’s two subsidiaries that are not insolvent, Renusol GmbH and Centrosolar Grundstücksverwaltungs GmbH, are to be sold, while Centrosolar’s former operational subsidiaries for the production and sales of modules in Europe, Centrosolar Sonnenstromfabrik GmbH and Centrosolar AG, are to be restructured outside of the insolvency plan. The latter two companies would no longer be part of Centrosolar Group AG.

Related News